It has only been less than three months since its first reported case, but COVID-19 has already afflicted over 1800,000 people and caused almost 145,000 deaths worldwide. And as coronavirus cases continue to increase, the global economy has been spiraling downwards. If you’re a local property manager, you may have reason to worry.

The financial impact of this pandemic on businesses is immense. Because cities have been put on lockdown and citizens have been ordered on self-quarantine, a number of companies have paused operations. Employees have been asked to take unpaid leaves, and massive lay-offs are expected. Consequently, loss of income for almost all economic sectors is also anticipated. This also gravely affects the rental market.

Real Estate Management During a Lockdown

If you’re in commercial or commercial property management, these are challenging times for you. Tenants who have lost their source of income may not be able to meet rental payments in the next months. Fortunately, for them, legislations that mandate rent breaks or pay-later schemes are already being planned to protect them from eviction.

However, these legislations would force property owners to shoulder the financial burden for tenants who are unable to pay. While huge corporations may well afford to waive rental fees during this crisis, small property owners may be driven to serious financial difficulty.

Vacation rentals suffer a similar fate, with people unable to go on holidays during all throughout lockdowns. If you have a self-managed investment property, perhaps now is the time to consult with the experts such as Skybridge Property Group.

Getting Pro Advice in A Time of Crisis

These are uncertain times for the rental market, so you may want to get help from professional property management experts to aid you in tiding through the crisis. An experienced property manager can give advice on clauses to add to rental agreement for deferred payments or other flexible payment schemes. Viable property solutions that can support both tenants and landlords are essential for both parties.

Skybridge Property may be able to help you handle the nitty gritty details of your rentals. From overseeing a City of Long Beach building inspection to drafting the fixed term residential lease agreement California requires, they have the expertise to handle any task related to property management.

With over 23 years of service, they have helped dozens of property owners weather calamities, economic recessions, and global crises. This rich experience enables them to help property owners stay afloat even as they extend empathy and leniency to their tenants.

Surviving Uncertain Times

The COVID-19 pandemic has left us all in a state of uncertainty. During these times, we must show do what we can to help one another survive the economic downturn. If you’re a small property manager, it’s important for you and your tenants to be able to pull through this unfortunate circumstance together.